India’s Vedanta Ltd to raise $409 million through debentures issue

Vedanta Ltd will raise 34 billion rupees ($408.76 million) through an issue of debentures, the Indian metals-to-oil conglomerate said on Tuesday, its third such move in the current fiscal year. The fundraise comes at a time when the company is seeking ways to arrange capital for its cash-strapped parent, UK-based Vedanta Resources. Vedanta Ltd's board of directors have approved the issue of 340,000 non-convertible debentures, in one or more tranches, each carrying a face value of 100,000 rupees, it said in an exchange filing.